Core Insights - Northeast Securities initiates coverage on XPeng Motors (09868) with a "Buy" rating, highlighting record-high delivery volumes, revenue, and gross margin in Q3 2025, driven by a dual-energy strategy and new vehicle launches [1][2] Group 1: Financial Performance - In Q3 2025, XPeng Motors achieved total revenue of 20.38 billion yuan, a year-on-year increase of 101.8%, with net losses significantly narrowing to 380 million yuan [1] - The total delivery volume reached 116,007 units, marking a year-on-year growth of 149.3%, setting a historical record [1] - The company's gross margin surpassed 20% for the first time, reaching 20.1%, indicating a notable improvement in profitability [1] Group 2: Product Strategy - To address user range anxiety, XPeng Motors launched a "pure electric + range extender" dual-energy strategy, with the first range-extended model, X9 EREV, officially launched in November 2025 [2] - The X9 EREV features a 63.3 kWh battery and a third-generation range extender with an efficiency of over 3.6 kWh/L, achieving a CLTC pure electric range of 452 km [2] - Additional range-extended versions of key models such as G6, G7, and P7i are expected to be released in Q1 2026, along with four new models including two SUVs based on the MONA platform [2] Group 3: AI Strategy and Technological Advancements - XPeng Motors is transitioning towards a "physical AI" company, showcasing its commitment and specific pathways during the 2025 Technology Day [3] - The core technology, VLA 2.0, is a second-generation visual-language-action model that enhances reasoning efficiency by 12 times and improves average takeover mileage in complex scenarios by 13 times [3] - The company plans to fully deploy VLA 2.0 in Ultra models by Q1 2026 and aims to extend its technology to robotics and other embodied intelligence fields [3] - XPeng Motors has introduced China's first fully self-developed mass-produced Robotaxi, with plans to launch three models in 2026 and begin trial operations in the second half of 2026 [3] - The humanoid robot IRON is expected to achieve mass production by the end of 2026, initially piloting in commercial scenarios such as guiding and shopping, with AI technology synergies benefiting both the robot and autonomous driving sectors [3]